Iridium Communications Inc (IRDM) Receives Average Recommendation of “Hold” from Analysts

Shares of Iridium Communications Inc (NASDAQ:IRDM) have been assigned a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $23.33.

A number of analysts have recently commented on the company. BidaskClub lowered Iridium Communications from a “buy” rating to a “hold” rating in a report on Tuesday. Raymond James lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $30.00 in a report on Wednesday, April 24th. Northland Securities restated a “sell” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Wednesday, March 20th. Finally, Zacks Investment Research lowered Iridium Communications from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th.

Shares of Iridium Communications stock opened at $24.00 on Friday. The stock has a market capitalization of $2.83 billion, a PE ratio of -171.43 and a beta of 2.11. Iridium Communications has a one year low of $11.50 and a one year high of $28.24. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.96 and a current ratio of 1.05.



Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, April 23rd. The technology company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. The company had revenue of $133.70 million for the quarter, compared to analyst estimates of $128.54 million. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) earnings per share. Analysts predict that Iridium Communications will post -0.66 earnings per share for the current fiscal year.

In related news, CFO Thomas Fitzpatrick sold 244,778 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $27.07, for a total transaction of $6,626,140.46. Following the sale, the chief financial officer now owns 574,128 shares in the company, valued at $15,541,644.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director S. Scott Smith sold 3,500 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $21.00, for a total value of $73,500.00. Following the sale, the director now owns 219,967 shares in the company, valued at approximately $4,619,307. The disclosure for this sale can be found here. Insiders have sold 440,789 shares of company stock worth $11,889,754 in the last quarter. 5.00% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Iridium Communications by 0.9% during the first quarter. BlackRock Inc. now owns 14,281,999 shares of the technology company’s stock worth $377,617,000 after acquiring an additional 120,689 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Iridium Communications by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,867,213 shares of the technology company’s stock valued at $155,130,000 after buying an additional 18,080 shares during the period. FMR LLC raised its stake in Iridium Communications by 31.1% in the first quarter. FMR LLC now owns 4,816,446 shares of the technology company’s stock valued at $127,346,000 after buying an additional 1,142,764 shares during the period. Renaissance Technologies LLC raised its stake in Iridium Communications by 13.0% in the first quarter. Renaissance Technologies LLC now owns 2,864,499 shares of the technology company’s stock valued at $75,737,000 after buying an additional 330,200 shares during the period. Finally, Northern Trust Corp raised its stake in Iridium Communications by 0.9% in the fourth quarter. Northern Trust Corp now owns 2,361,471 shares of the technology company’s stock valued at $43,569,000 after buying an additional 20,563 shares during the period. Institutional investors and hedge funds own 85.08% of the company’s stock.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.

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